Vishnu Prakash R Punglia Limited — Important, 04-02-2025: Updates

**Financial Highlights:** For the nine months ending December 2024, Vishnu Prakash R Punglia Limited (VPRPL) reported consolidated revenue of ₹8,324 Cr, reflecting a growth of 1.9% YoY. EBITDA came in at ₹1,098 Cr with margins at 13.19%, a slight increase from the previous year. However, net profit declined by 22.9% to ₹424 Cr due to increased finance costs and delayed payments affecting cash flow. Q3 alone experienced a revenue drop to ₹2,409 Cr (-0.5% YoY) and a significant reduction in EBITDA to ₹275 Cr (-18.9% YoY) as operational costs rose during early project phases.

**Strategic Initiatives and Growth Drivers:** VPRPL secured new orders worth ₹1,333 Cr in the current financial year, bolstering a robust order book totaling ₹5,125 Cr. The expansion includes diverse infrastructure projects aligned with the Jal Jeevan Mission and Amrut scheme.

**Business Developments:** The vendor directory registration with RDSO allows VPRPL to fabricate steel bridge girders, enhancing operational efficiency and reducing reliance on third parties.

**Market Position and Competitive Advantage:** VPRPL continues to benefit from its integrated business model, operating in ten states with a diverse project portfolio across water supply, railways, and roads.

**Investor Implications:** Increased order flow and a robust project pipeline, amounting to potential orders worth ₹4,500 Cr, suggest a positive outlook for VPRPL. With strategic expansions and ongoing projects, the company appears well-positioned for future growth despite current margin pressures.